International Seaways, Inc. · NYSE:INSW
International Seaways — Q2 2025 Earnings Presentation
20 slides from International Seaways's earnings presentation, Aug 6, 2025
Slide 1: International Seaways Inc. Second Quarter 2025 Earnings Presentation
International Seaways Inc. Second Quarter 2025 Earnings Presentation August 6, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking sta
Slide 3: Business Review
Business Review Lois K. Zabrocky President & CEO
Slide 4: Second Quarter 2025 Highlights and Recent Developments
4 Second Quarter 2025 Highlights and Recent Developments Quarterly Earnings & Q3 2025 Fixtures Strategic Fleet Optimization Quarterly Results Quarterly Spot Fixtures(2) Sales of 6x Older Vessels Net Income: 62m, $1.25/sh Adj. Net Income(1): 50m, $1.02/sh Q3-25 Blended: 41% Fixed at approximately $27
Slide 5: Market Update: Tanker Demand Drivers
5 Market Update: Tanker Demand Drivers ˄ Geopolitical environment persists and strengthening economic forecast support upward revisions of demand ‒ Oil demand forecasted to grow by 0.8 mpbd in 2025, slightly increasing in 2026; aligned with historical CAGR ˄ Oil demand growth largely driven by Asia,
Slide 6: Market Update: Tanker Supply Drivers
6 Market Update: Tanker Supply Drivers ˄ Orderbook relative to size of the fleet: 15%, delivering over next 4 years ˄ Orderbook not enough to replace 48% of the fleet that will be over 20 years old by end of delivery schedule (20% of tanker fleet is over 20 yrs old & another 28% of the fleet is 15 -
Slide 7: Financial Review
Financial Review Jeffrey D. Pribor SVP & CFO
Slide 8: Q2 2025: Quarterly Results
8 Q2 2025: Quarterly Results For the three months ended Net Income & Adjusted Net Income(1) Adjusted EBITDA(1) $ million $ million Net Income Adjusted Net Income 167.0 144.7 130.0 118.0 94.8 101.5 91.7 90.7 78.2 61.6 44.6 49.6 50.4 35.8 39.5 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4
Slide 9: Rollforward of Cash & Liquidity
9 Rollforward of Cash & Liquidity $709 $673 $560m $540m Free Cash Flow $71m(1) $10m interest $16m $28m $20m $12m amort $29m $20m $36m $102m $30m $2m $133m $149m 3/31/25 Adjusted EBITDA(1) Debt Service Drydock & CAPEX Working Capital Proceeds from Vessel LR1 NB Installments Repayment on Dividends Oth
Slide 10: Strong Financial Position
10 Strong Financial Position Seaways maintains a healthy balance sheet to support free cash flow generation and opportunistic growth opportunities. Balance Sheet $m Key Balance Sheet Figures $m Dec 31, Jun 30, Ample Cash & Total Liquidity ASSETS 2024 2025 $709m Cash and Cash Equivalents $157 $149 $5
Slide 11: Looking Forward
11 Looking Forward Refer to Forward Looking Statements disclaimer on slide 2 The Company is Positioned to Generate Free Cash Flow as our Spot Break Even is Well Above our Estimated Costs Q3 2025 Booked to-Date as of July 31, 2025 Forward Estimated Spot Break Even (1) $ per day Spot Time Charter Over
Slide 12: Investment Highlights
12 Investment Highlights Disciplined Capital Allocator • Transformed company approximately $0.4bn market cap at time of spin-off in 2016 through today into one of the top 3 US publicly traded tanker companies by DWT with nearly $1.9bn in market cap(1) • Free cash flow generated each quarter is alloc
Slide 13: Q&A
Q&A
Slide 14: Appendix
Appendix
Slide 15: Estimated Drydock and CAPEX Costs and Out-of-Service Days
15 Estimated Drydock and CAPEX costs and Out-of-Service Days ($ millions, except days) 2025 Offhire Days Q1 2025 A Q2 2025 A Q3 2025 Q4 2025 FY 2025 VLCC 124 23 61 102 310 Suezmax 4 25 26 8 63 Aframax / LR2 1 8 12 - 21 LR1 1 10 35 86 132 MR 213 316 293 26 848 344 382 427 222 1,374 2025 Drydock Costs
Slide 16: LR1 Newbuilding Schedule
16 LR1 Newbuilding Schedule Seaways Alacran Seaways Balboa Amount Due Seaways Bonita Seaways Cristobal Seaways Delgada Seaways Magellan Amount Due (Hull 1810) (Hull 1811) ($M) (Hull 1812) (Hull 1813) (Hull 1814) (Hull 1815) ($M) Signing AUG-23 AUG-23 OCT-23 OCT-23 APR-24 APR-24 First Payment Due NOV
Slide 17: TCE Revenue and Free Cash Flow Reconciliation
17 TCE Revenue and Free Cash Flow Reconciliation TCE Revenue $000s Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Time charter equivalent revenues 251,848 219,687 190,640 178,342 188,822 Add: Voyage expenses 5,561 5,503 3,973 5,052 6,819 Shipping revenues 257,409 225,190 194,613 183,394 195,641 Free Cash F
Slide 18: Adjusted EBITDA and Net Income Reconciliation
18 Adjusted EBITDA and Net Income Reconciliation Adjusted EBITDA $000s Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net income 144,723 91,688 35,823 49,565 61,646 Income tax (benefit)/provision - (1) (1,083) - - Interest expense 12,425 12,496 11,895 11,452 9,761 Depreciation and amortization 36,517 39,30
Slide 19: Chartered In/Out Fleet
19 Chartered In/Out Fleet Please refer to Forward Looking Statements disclaimer on slide 2 Time Charter-Out ($m): Vessel Rate Charter Expiry 2025 2026 2027 2028 2029 2030 Total 2008-Built MR $20,000 JUL-25 0.3 0.3 2008-Built MR $20,000 JUL-25 0.3 0.3 2008-Built MR $21,350 JAN-26 3.9 0.5 4.4 2011-Bui
Slide 20: INSW Fleet Overview as of August 1, 2025
20 INSW Fleet Overview as of August 1, 2025 Name Class Owned Built DWT Shipyard Name Class Owned Built DWT Shipyard (1) SEAWAYS ENDEAVOR VLCC BB-In 2023 299,365 DSME SEAWAYS LUZON LR1 OWNED 2006 74,909 STX SEAWAYS ENTERPRISE(1) VLCC BB-In 2023 299,568 DSME SEAWAYS KENOSHA MR OWNED 2016 50,082 Samsun
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